Pakistan foreign exchange reserves register huge decline
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Pakistan's foreign exchange reserves have recently reached a total of $13.12 billion, as reported by the State Bank of Pakistan (SBP). The latest statistics, issued by the SBP, reveal a notable decline of $44 million in the country's foreign reserves during the week ending on September 1, 2023.
Specifically, the reserves held by the SBP decreased by $70 million, settling at $7.77 billion. Simultaneously, the net foreign reserves held by commercial banks experienced a decrease of $25.6 million, reaching $5.34 billion.
As of August 31, 2023, the foreign exchange reserves of the State Bank of Pakistan (SBP) dipped to $7.84 billion, following a significant decrease of $81 million. The overall liquid foreign reserves held by the country amounted to $13.17 billion after experiencing a drop of $77.4 million.
Moreover, commercial banks held net reserves of $5.32 billion, reflecting a decline of $3.9 million.
Furthermore, it is worth noting that the State Bank of Pakistan (SBP) has initiated plans to introduce "structural reforms" within the Exchange Companies sector. This strategic move aims to enhance transparency and competitiveness within the sector, demonstrating the country's commitment to strengthening its financial stability and foreign exchange management.
